“The number one idea is to view a stock as an ownership of the business, and to judge the staying quality of the business in terms of its competitive advantage.”

“A great business at a fair price is superior to a fair business at a great price.”

Munger's own formulation — distinct from Buffett's 'a wonderful company at a fair price' version.

“All intelligent investing is value investing — acquiring more than you are paying for.”

A signature line he restated in varying forms; no single dated occasion pins this wording.

“We like the business great first. Then, second, we want a great manager. But we have not made a huge success by investing in great managers who take over lousy businesses. That is not the way we rose. If you're a lousy manager, you really need a great business.”

“Practically everything dies in business. None of the eminents last forever. They're all on their way to dying, so other things can replace them and live.”

Transcripts split on one spoken word ('eminents' vs 'eminence') — no canonical spelling exists.